Vice President Kashim Shettima says Nigeria is unlocking investment opportunities worth over $410 billion between now and 2060 to establish the country as Africa’s hub for renewable energy development.
Speaking on Tuesday in Abuja at the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025, Kashim Shettima said over $23 billion will be required to expand energy access to millions of Nigerians still living in energy poverty.
He said the administration of President Bola Ahmed Tinubu is committed to consolidating policy reforms that will create a self-sustaining renewable energy market, supported by innovation, local capacity, and private sector participation.
“We are enhancing incentives for local manufacturing, streamlining regulatory frameworks, and deepening collaboration with state governments, investors, and development partners to de-risk private capital,” the Vice President said.
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Shettima announced that engagements under the forum had already mobilised over $400 million in new investment commitments into Nigeria’s renewable energy manufacturing value chain, covering solar panels, battery storage, smart meters, and recycling facilities. The investments, he said, will create more than 1,500 direct jobs across several states.
The Vice President also disclosed that the Federal Ministry of Power is working to develop policies for a decentralised and competitive electricity market, while calling on the private sector and development partners to localise technologies and strengthen value chains.
The event witnessed the signing of multi-million dollar Memoranda of Understanding (MoUs) between the Rural Electrification Agency (REA), state governments, and private sector partners, including the Dutch government.
Earlier, the Minister of Power, Chief Adebayo Adelabu, said the forum represents a new phase in Nigeria’s energy transformation, while the UN Deputy Secretary-General, Ms. Amina Mohammed, in a goodwill message, pledged UN support for Nigeria’s clean energy ambitions.
The Dutch Ambassador, Bengt Van Loosdrecht, described the initiative as a milestone in the partnership between both countries.
